Ethereum is still undervalued at $1,000.

Ethereum recently broke through the $1,000 mark and has gone significantly above that. Fact is, the crypto space has seen some wild moves in recent days, that Dogecoin move is also something we should talk about, probably some Elon Musk stuff! Anywhere that move came from, it was simply an exciting one…but that’s a story for another day. Despite shattering that $1,000 mark, Ethereum is still a couple of dollars shy of it’s all time high price.

A glance at the charts shows you two glowing cryptocurrency assets — bitcoin and ethereum. Sitting at the first and second position, bitcoin and ethereum has dominated modern cryptocurrency markets. Both playing important roles in the growth of blockchain technology. Bitcoin retaining the ‘alpha’ figure and the pioneer image. Ethereum standing tall as one of the most technologically advanced blockchains of the early cryptocurrency days.

While Ethereum is still on its route to a new historic price point, bitcoin has since smashed its long lasting $19,000 mark and have since gone further to set new record highs. Personally, bitcoin’s current valuation comes as a little surprise. The ‘store of value’ use case has unarguably done better than most would predict. The ‘one million dollar per bitcoin’ guys may be right after all!

Ethereum still hovers round the $1,000 mark, a relatively meager valuation when compared to its utility and technological advancement. If a ‘store of value’ can attain a market capitalization of over $500 billion, then the story should be similar for the most technologically advanced blockchain yet and home to countless other decent blockchain and cryptocurrency projects.

Ethereum has housed many notable projects before they launched their main net, the ICO boom was a brainwork aided by the ethereum blockchain. A good percentage of autonomous altcoin projects only surfaced and survived because they utilized the ethereum blockchain. Ethereum is far from done in its duty of bringing new projects to life and housing existing ones while spreading the real virtue of blockchain technology. In the real sense ‘ethereum lead, most other altcoins follow’.

Arguably the most used blockchain in the crypto space and a model for other projects. Ethereum network has grown exponentially over the years. Despite a number of sustainability issues, it still stands out amongst other blockchain projects.

Different altcoins solve important problems and with each new reputable altcoin project comes new solutions and/or an improvement on existing solutions to further emphasize on the utility of blockchain technology. Ethereum leads this space of ‘utility blockchains’. The perception of bitcoin as just a store of value gave birth to the much heated comparison between bitcoin and gold. However, the blockchain technology and cryptocurrencies are more useful than this. This orientation places cryptocurrencies in the same position as gold. Gold still remains a term of luxury and a store of value despite being almost as old as man itself. While bitcoin champions this idea, ethereum represents what blockchain technology should really be…if it should really be termed ‘technology’.

Relative to its utility, ethereum is pretty much an undervalued asset, many would argue against this. The real market capitalization of ethereum would be the cumulative capitalization of ethereum smart contract tokens and ethereum itself…that’s hilarious, I know. Personally, I do have a very strong conviction about ethereum. Apart from its recent outrageous transaction fee, slow transaction speed and poor scalability it has been pretty more stable than any other altcoin project.

While I’m clearly not against bitcoin, or any other project’s valuation, Ethereum is severely undervalued in my opinion. However, the market has its own dynamics and could be unfair sometimes. This is one of those times.

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